N-Q 1 pafinal.htm PENNA NQ FORM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY


Investment Company Act file number: 811-4571

Name of Registrant: Vanguard Pennsylvania Tax-Free Funds

Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service: Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant’s telephone number, including area code: (610) 669-1000


Date of fiscal year end: November 30

Date of reporting period: August 31, 2006

Item 1: Schedule of Investments



Vanguard Pennsylvania Tax-Exempt Money Market Fund
Schedule of Investments
August 31, 2006
Coupon Maturity
Date
 Face
Amount
($000)		 Market
Value
($000)
   Municipal Bonds (99.3%)        
  Allegheny County PA Higher Educ. Auth. Rev.
  (Washington & Jefferson College) VRDO 3.470% 9/7/06 LOC  9,770  9,770 
  Allegheny County PA Hosp. Dev. Auth. Rev.
  (Presbyterian Univ. Health System) VRDO 3.450% 9/7/06 LOC  7,640  7,640 
  Allegheny County PA Hosp. Dev. Auth. Rev.
  (Presbyterian Univ. Health System) VRDO 3.450% 9/7/06 (1)  11,945  11,945 
  Allegheny County PA Hosp. Dev. Auth. Rev.
  (Presbyterian Univ. Health System) VRDO 3.450% 9/7/06 (1)  12,900  12,900 
1 Allegheny County PA Hosp. Dev. Auth. Rev.
  (Univ. of Pittsburgh Medical Center) TOB VRDO 3.440% 9/7/06 (1)  4,995  4,995 
  Allegheny County PA IDA Rev. (Carnegie Museum
  of Pittsburgh) VRDO 3.450% 9/7/06 LOC  5,070  5,070 
  Allegheny County PA IDA Rev. (Residential Rental)
  VRDO 3.460% 9/7/06 LOC  3,065  3,065 
  Allegheny County PA IDA Rev. (Western PA School
  for Blind Children) PUT 3.800% 7/1/07  15,000  15,000 
  Allegheny County PA Port Auth. Rev 4.500% 6/29/07 LOC  10,200  10,258 
  Beaver County PA IDA PCR (First Energy) VRDO 3.560% 9/1/06 LOC  23,500  23,500 
  Beaver County PA IDA PCR (First Energy) VRDO 3.580% 9/1/06 LOC  25,000  25,000 
  Beaver County PA IDA PCR (First Energy) VRDO 3.460% 9/7/06 LOC  52,250  52,250 
  Berks County PA IDA (Kutztown Univ.) VRDO 3.410% 9/7/06 LOC  9,530  9,530 
  Berks County PA IDA (Lutheran Health Care) VRDO 3.410% 9/7/06 (2)  16,200  16,200 
1 Bethlehem PA Area School Dist. GO TOB VRDO 3.460% 9/7/06 (3)  19,800  19,800 
  Bucks County PA TRAN 4.500% 12/28/06  25,000  25,097 
  Central Bucks PA School Dist. VRDO 3.460% 9/7/06 (3)  11,070  11,070 
  Chester County PA Health & Educ. Fac. Auth. Rev.
  (Jefferson Health System) VRDO 3.390% 9/7/06  20,000  20,000 
  Chester County PA Health & Educ. Fac. Auth. Rev.
  (Jefferson Health System) VRDO 3.410% 9/7/06  26,070  26,070 
  Chester County PA IDA Student Housing Rev. VRDO 3.460% 9/7/06 LOC  11,900  11,900 
  Cumberland County PA Muni. Auth. College Rev.
  (Dickinson College) PUT 3.200% 11/1/06 LOC  12,330  12,330 
  Cumberland County PA Muni. Auth. College Rev.
  (Messiah Village Program) VRDO 3.410% 9/7/06 LOC  3,800  3,800 
  Dallastown Area School Dist. VRDO 3.430% 9/7/06 (4)  7,500  7,500 
  Dallastown Area School Dist.
  York County PA GO VRDO 3.430% 9/7/06 (3)  19,515  19,515 
  Daniel Boone PA Area School Dist. GO VRDO 3.410% 9/7/06 (2)  9,980  9,980 
  Dauphin County PA General Auth. Hosp. Rev.
  (Reading Hosp. & Medical Center) VRDO 3.430% 9/7/06  10,040  10,040 
  Delaware County PA Auth. Rev.
  (White Horse Village Project) VRDO 3.550% 9/1/06 LOC  31,845  31,845 
  Delaware County PA Auth. Univ. Rev.
  (Villanova Univ.) VRDO 3.370% 9/7/06 LOC  12,525  12,525 
  Delaware County PA Auth. Univ. Rev.
  (Villanova Univ.) VRDO 3.370% 9/7/06 LOC  10,435  10,435 
  Delaware County PA Hosp. Auth. Rev.
  (Crozer-Chester Medical Center) VRDO 3.400% 9/7/06 LOC  17,095  17,095 
  Delaware County PA Hosp. Auth. Rev.
  (Crozer-Chester Medical Center) VRDO 3.680% 9/7/06 LOC  4,200  4,200 
  Delaware County PA IDA PCR
  (BP Exploration & Oil) VRDO 3.580% 9/1/06  27,450  27,450 
  Delaware County PA IDA PCR
  (BP Exploration & Oil) VRDO 3.580% 9/1/06  11,700  11,700 
  Delaware County PA IDA PCR (PECO) CP 3.600% 12/1/06 LOC  16,500  16,500 
  Delaware County PA IDA Refunding
  Resource Recovery Fac. (General Electric
  Capital Corp.) VRDO 3.400% 9/7/06  42,600  42,600 
  Delaware County PA IDA Refunding
  Resource Recovery Fac.(General Electric
  Capital Corp.) VRDO 3.400% 9/7/06  8,375  8,375 
  Delaware County PA IDA Refunding
  Resource Recovery Fac.(General Electric
  Capital Corp.) VRDO 3.400% 9/7/06  8,235  8,235 
  Delaware County PA IDA Refunding
  Resource Recovery Fac.(General Electric
  Capital Corp.) VRDO 3.400% 9/7/06  8,595  8,595 
  Delaware County PA IDA Refunding
  Resource Recovery Fac.(General Electric
  Capital Corp.) VRDO 3.400% 9/7/06  7,640  7,640 
  Delaware County PA IDA Solid Waste Rev.
  (Scott Paper Co.) VRDO 3.450% 9/7/06  8,700  8,700 
  Delaware County PA IDA Solid Waste Rev.
  (Scott Paper Co.) VRDO 3.450% 9/7/06  10,000  10,000 
  Delaware County PA IDA Solid Waste Rev.
  (Scott Paper Co.) VRDO 3.450% 9/7/06  17,000  17,000 
  Delaware County PA IDA Solid Waste Rev.
  (Scott Paper Co.) VRDO 3.450% 9/7/06  17,600  17,600 
  Delaware County PA IDA Solid Waste Rev.
  (Scott Paper Co.) VRDO 3.450% 9/7/06  23,005  23,005 
1 Erie County PA GO TOB VRDO 3.440% 9/7/06 (1)  6,280  6,280 
  Exeter Township PA VRDO 3.410% 9/7/06 (10)  5,000  5,000 
  Franklin County PA IDA Healthcare Rev.
  (Chambersburg Hosp.) VRDO 3.510% 9/7/06 (2)  6,200  6,200 
  Geisinger Health System Auth. of Pennsylvania Rev.
  (Penn State Geisinger Health System) VRDO 3.580% 9/1/06  8,100  8,100 
  Geisinger Health System Auth. of Pennsylvania Rev.
  (Penn State Geisinger Health System) VRDO 3.390% 9/7/06  55,500  55,500 
  Hamburg PA Area School Dist. GO VRDO 3.410% 9/7/06 (4)  17,000  17,000 
  Lackawanna County PA GO VRDO 3.430% 9/7/06 LOC  20,365  20,365 
  Lackawanna County PA IDA Rev.
  (Scranton Prep School Proj.) VRDO 3.410% 9/7/06 LOC  24,800  24,800 
  Lancaster County PA GO VRDO 3.420% 9/7/06 (4)  4,700  4,700 
  Lancaster County PA Hosp. Auth. Rev.
  (Masonic Homes) VRDO 3.410% 9/7/06 LOC  9,835  9,835 
  Lancaster County PA Hosp. Auth. Rev.
  (Masonic Homes) VRDO 3.410% 9/7/06 (2)  6,005  6,005 
  Lancaster PA School Dist. GO 5.375% 2/15/07 (3)(Prere.)  5,590  5,640 
1 Lehigh County PA IDA PCR TOB VRDO 3.440% 9/7/06 (3)  5,000  5,000 
1 Lehigh County PA IDA PCR TOB VRDO 3.440% 9/7/06 (3)  13,005  13,005 
1 Lehigh County PA IDA PCR TOB VRDO 3.450% 9/7/06 (3)  3,290  3,290 
  Manheim Township PA School Dist. VRDO 3.410% 9/7/06 (4)  12,000  12,000 
  Manheim Township PA School Dist. VRDO 3.430% 9/7/06 (4)  9,000  9,000 
  Mercersburg Borough PA General Purpose Auth.
  (Mercersburg College) VRDO 3.410% 9/7/06 LOC  12,200  12,200 
  Mercersburg Borough PA General Purpose Auth.
  (Mercersburg College) VRDO 3.410% 9/7/06 LOC  18,715  18,715 
  Mercersburg Borough PA General Purpose Auth. 3.410% 9/7/06 LOC  10,000  10,000 
  (Mercersburg College) VRDO 3.410% 9/7/06 LOC  10,000  10,000 
  Montgomery County PA IDA PCR (Exelon
  Generation Co.) CP 3.620% 10/5/06 LOC  37,800  37,800 
  Montgomery County PA IDA PCR (Exelon
  Generation Co.) CP 3.670% 10/5/06 LOC  5,000  5,000 
  Montgomery County PA IDA PCR
  (Presbytery Homes) VRDO 3.400% 9/7/06 LOC  11,500  11,500 
  Montgomery County PA IDA Rev.
  (Foulkeways At Gwynedd Project) VRDO 3.410% 9/7/06 LOC  13,390  13,390 
  Montgomery County PA IDA Rev.
  (Gloria Dei Project) VRDO 3.420% 9/7/06 LOC  11,600  11,600 
  Montgomery County PA IDA Rev.
  (Meadowood Corp) VRDO 3.420% 9/7/06 LOC  20,480  20,480 
  North Penn PA Water Auth. Rev. VRDO 3.430% 9/7/06 (3)  24,000  24,000 
  Northampton County PA General Purpose Auth. Univ.
  Rev. (Lafayette College) 4.500% 11/16/06  5,000  5,014 
  Northampton County PA General Purpose Auth. Univ.
  Rev. (Lehigh Univ.) VRDO 3.400% 9/7/06  21,035  21,035 
  Northampton County PA General Purpose Auth. Univ.
  Rev. (Lehigh Univ.) VRDO 3.400% 9/7/06  12,880  12,880 
  Northampton County PA General Purpose Auth. Univ.
  Rev. (Lehigh Univ.) VRDO 3.410% 9/7/06  30,600  30,600 
  Northampton County PA Higher Educ. Auth. Rev.
  (Lehigh Univ.) VRDO 3.400% 9/7/06  16,935  16,935 
  Northampton County PA Higher Educ. Auth. Rev.
  (Lehigh Univ.) VRDO 3.400% 9/7/06  15,180  15,180 
  Northampton County PA IDA PCR
  (Libra Partners) VRDO 3.540% 9/7/06 LOC  5,480  5,480 
  Northeastern PA Hosp. & Educ. Auth. Rev.
  (Wilkes Univ.) VRDO 3.400% 9/7/06 LOC  12,110  12,110 
  Northeastern PA Hosp. & Educ. Auth. Rev.
  (Wilkes Univ.) VRDO 3.400% 9/7/06 LOC  4,995  4,995 
1 Owen J. Roberts School Dist. Pennsylvania
  GO TOB VRDO 3.440% 9/7/06 (4)  17,205  17,205 
  Parkland PA School Dist. VRDO 3.410% 9/7/06 (4)  10,000  10,000 
1 Pennsbury PA School Dist. TOB VRDO 3.440% 9/7/06 (3)  5,085  5,085 
  Pennsbury PA School Dist. VRDO 3.430% 9/7/06 (4)  11,445  11,445 
  Pennsylvania Econ. Dev. Financing Auth. Fac. Rev.
  (Jefferson Health) VRDO 3.400% 9/7/06  25,820  25,820 
  Pennsylvania Econ. Dev. Financing Auth. Fac. Rev.
  (Jefferson Health) VRDO 3.400% 9/7/06  19,700  19,700 
1 Pennsylvania Econ. Dev. Financing Auth. Fac. Rev.
  (Wenger's Feed Mill) VRDO 3.510% 9/7/06 LOC  7,275  7,275 
  Pennsylvania GO 5.000% 1/1/07 (1)  9,320  9,374 
  Pennsylvania GO 5.250% 1/1/07  16,915  17,025 
  Pennsylvania GO 5.125% 3/15/07 (2)(Prere.)  7,990  8,184 
  Pennsylvania GO 5.500% 7/1/07 (1)  10,000  10,146 
1 Pennsylvania GO TOB VRDO 3.440% 9/7/06 (1)  5,140  5,140 
1 Pennsylvania GO TOB VRDO 3.440% 9/7/06 (1)  7,540  7,540 
1 Pennsylvania GO TOB VRDO 3.450% 9/7/06 (4)  11,740  11,740 
1 Pennsylvania GO TOB VRDO 3.450% 9/7/06  10,650  10,650 
1 Pennsylvania GO TOB VRDO 3.450% 9/7/06 (1)  20,000  20,000 
1 Pennsylvania GO TOB VRDO 3.450% 9/7/06 (1)(4)  4,260  4,260 
1 Pennsylvania GO TOB VRDO 3.480% 9/7/06  3,550  3,550 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.450% 9/7/06 (2)  35,700  35,700 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.460% 9/7/06 (4)  5,000  5,000 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.480% 9/7/06 (2)  6,900  6,900 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.480% 9/7/06 (2)  34,200  34,200 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.500% 9/7/06 (4)  43,500  43,500 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.520% 9/7/06 (2)  27,500  27,500 
  Pennsylvania Higher Educ. Assistance Agency
  Student Loan Rev. VRDO 3.520% 9/7/06 (2)  13,500  13,500 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Carnegie Mellon Univ.) VRDO 3.600% 9/1/06  15,425  15,425 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Carnegie Mellon Univ.) VRDO 3.600% 9/1/06  18,975  18,975 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Carnegie Mellon Univ.) VRDO 3.600% 9/1/06  4,100  4,100 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Drexel Univ.) VRDO 3.400% 9/7/06 LOC  10,940  10,940 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Drexel Univ.) VRDO 3.410% 9/7/06 LOC  22,500  22,500 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Drexel Univ.) VRDO 3.410% 9/7/06 (1)  25,525  25,525 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Gannon Univ.) VRDO 3.430% 9/7/06 LOC  4,000  4,000 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Kings College) VRDO 3.430% 9/7/06 LOC  5,000  5,000 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Philadelphia Univ.) VRDO 3.370% 9/7/06 LOC  4,200  4,200 
  Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Student Assn. Inc. Housing - Univ. of California)
  VRDO 3.420% 9/7/06 LOC  40,000  40,000 
1 Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Temple Univ.) TOB VRDO 3.440% 9/7/06 (1)  15,000  15,000 
1 Pennsylvania Higher Educ. Fac. Auth. Rev.
  (Temple Univ.) TOB VRDO 3.450% 9/7/06 (1)  4,170  4,170 
1 Pennsylvania Higher Educ. Fac. Auth. Rev.
  TOB VRDO 3.450% 9/7/06 (10)  4,370  4,370 
1 Pennsylvania Higher Educ. Fac. Auth. Rev.
  TOB VRDO 3.450% 9/7/06  4,875  4,875 
  Pennsylvania Housing Finance Agency Rev.
  (Single Family Mortgage) VRDO 3.420% 9/7/06  41,010  41,010 
  Pennsylvania Housing Finance Agency Rev.
  (Single Family Mortgage) VRDO 3.420% 9/7/06  15,690  15,690 
  Pennsylvania Housing Finance Agency Rev.
  (Single Family Mortgage) VRDO 3.430% 9/7/06  23,905  23,905 
  Pennsylvania Housing Finance Agency Rev.
  (Single Family Mortgage) VRDO 3.450% 9/7/06  31,250  31,250 
  Pennsylvania Housing Finance Agency Rev.
  (Single Family Mortgage) VRDO 3.460% 9/7/06  31,930  31,930 
1 Pennsylvania Housing Finance Agency Rev.
  TOB VRDO 3.460% 9/7/06  8,545  8,545 
1 Pennsylvania Housing Finance Agency Rev.
  TOB VRDO 3.460% 9/7/06  7,495  7,495 
1 Pennsylvania Housing Finance Agency Rev.
  TOB VRDO 3.480% 9/7/06  8,090  8,090 
1 Pennsylvania Housing Finance Agency Rev.
  TOB VRDO 3.480% 9/7/06  19,400  19,400 
1 Pennsylvania Housing Finance Agency Rev.
  TOB VRDO 3.480% 9/7/06 (4)  3,500  3,500 
1 Pennsylvania Housing Finance Agency Rev. 3.480% 9/7/06  3,800  3,800 
  TOB VRDO 3.480% 9/7/06  3,800  3,800 
1 Pennsylvania Housing Finance Agency Rev. 3.480% 9/7/06  2,175  2,175 
  TOB VRDO 3.480% 9/7/06  2,175  2,175 
1 Pennsylvania Housing Finance Agency Rev.
  TOB VRDO 3.500% 9/7/06  10,000  10,000 
  Pennsylvania Housing Finance Agency Rev. VRDO 3.420% 9/7/06  10,000  10,000 
  Pennsylvania Housing Finance Agency Rev. VRDO 3.420% 9/7/06  15,000  15,000 
  Pennsylvania Housing Finance Agency Rev. VRDO 3.430% 9/7/06  10,510  10,510 
  Pennsylvania Housing Finance Agency Rev. VRDO 3.430% 9/7/06  20,000  20,000 
  Pennsylvania Housing Finance Agency Rev. VRDO 3.460% 9/7/06  35,220  35,220 
  Pennsylvania Housing Finance Agency Rev. VRDO 3.460% 9/7/06  7,325  7,325 
1 Pennsylvania IDA Rev. TOB VRDO 3.440% 9/7/06 (2)  5,160  5,160 
1 Pennsylvania Intergovernmental Cooperation Auth.
   Rev. TOB VRDO 3.450% 9/7/06 (3)  6,300  6,300 
  Pennsylvania Intergovernmental Cooperation Auth.
  Rev. VRDO 3.430% 9/7/06 (2)  10,000  10,000 
  Pennsylvania State Univ. Rev 5.000% 3/1/07  4,645  4,679 
  Pennsylvania State Univ. Rev. VRDO 3.400% 9/7/06  3,700  3,700 
  Pennsylvania State Univ. Rev. VRDO 3.400% 9/7/06  73,275  73,275 
1 Pennsylvania Turnpike Comm. Oil Franchise Tax Rev.
  TOB VRDO 3.450% 9/7/06 (1)  2,585  2,585 
1 Pennsylvania Turnpike Comm. Registration Fee Rev.
  TOB VRDO 3.450% 9/7/06 (4)  10,005  10,005 
1 Pennsylvania Turnpike Comm. Registration Fee Rev.
  TOB VRDO 3.450% 9/7/06 (4)  2,355  2,355 
1 Pennsylvania Turnpike Comm. Registration Fee Rev. 3.460% 9/7/06 (4)  6,905  6,905 
  TOB VRDO 3.460% 9/7/06 (4)  6,905  6,905 
1 Pennsylvania Turnpike Comm. Rev. 3.440% 9/7/06 (2)  3,795  3,795 
  TOB VRDO 3.440% 9/7/06 (2)  3,795  3,795 
1 Pennsylvania Turnpike Comm. Rev.
  TOB VRDO 3.460% 9/7/06 (2)  25,430  25,430 
  Pennsylvania Turnpike Comm. Rev. VRDO 3.380% 9/7/06  49,720  49,720 
  Pennsylvania Turnpike Comm. Rev. VRDO 3.410% 9/7/06  43,875  43,875 
  Pennsylvania Turnpike Comm. Rev. VRDO 3.410% 9/7/06 (2)  10,000  10,000 
  Pennsylvania Turnpike Comm. Rev. VRDO 3.460% 9/7/06  5,500  5,500 
  Pennsylvania Turnpike Comm. Rev. VRDO 3.460% 9/7/06  19,460  19,460 
  Pennsylvania Turnpike Comm. Rev. VRDO 3.460% 9/7/06  8,600  8,600 
  Philadelphia PA Airport Rev. VRDO 3.470% 9/7/06 (1)  15,000  15,000 
  Philadelphia PA Airport Rev. VRDO 3.500% 9/7/06 (1)  10,800  10,800 
  Philadelphia PA Auth. IDR (Girard Estate
  Aramark Project) VRDO 3.420% 9/7/06 LOC  4,000  4,000 
  Philadelphia PA Auth. IDR (Institute for
  Cancer Research) VRDO 3.600% 9/1/06 LOC  3,000  3,000 
  Philadelphia PA Auth. IDR (PA Academy of
  Fine Arts) VRDO 3.410% 9/7/06 LOC  11,065  11,065 
  Philadelphia PA Auth. IDR (Regional Performing Arts
  Center Project) VRDO 3.450% 9/7/06 LOC  14,200  14,200 
  Philadelphia PA GO 5.000% 8/1/07 (11)  4,500  4,550 
1 Philadelphia PA GO Lehman Trust TOB VRDO 3.470% 9/7/06 (11)  14,070  14,070 
1 Philadelphia PA GO TOB VRDO 3.440% 9/7/06 (4)  5,970  5,970 
1 Philadelphia PA GO TOB VRDO 3.440% 9/7/06 (11)  16,625  16,625 
1 Philadelphia PA GO TOB VRDO 3.440% 9/7/06 (11)  7,170  7,170 
1 Philadelphia PA GO TOB VRDO 3.470% 9/7/06 (11)  10,400  10,400 
  Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev.
  (Children's Hosp. of Philadelphia) VRDO 3.600% 9/1/06  9,600  9,600 
  Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev.
  (Children's Hosp. of Philadelphia) VRDO 3.600% 9/1/06  5,200  5,200 
  Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev.
  (Jefferson Health System) PUT 3.600% 2/4/07  16,900  16,900 
  Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev.
  (Wills Eye Hosp.) VRDO 3.420% 9/7/06 LOC  11,115  11,115 
1 Philadelphia PA IDA Rev. (Philadelphia Airport
  System) TOB VRDO 3.490% 9/7/06 (1)  1,985  1,985 
1 Philadelphia PA IDA Rev. TOB VRDO 3.440% 9/7/06 (4)  10,275  10,275 
1 Philadelphia PA Redev. Auth. Rev. TOB VRDO 3.450% 9/7/06 (3)  18,100  18,100 
1 Philadelphia PA School Dist. TOB VRDO 3.440% 9/7/06 (3)  5,995  5,995 
1 Philadelphia PA School Dist. TOB VRDO 3.440% 9/7/06 (3)  6,590  6,590 
1 Philadelphia PA School Dist. TOB VRDO 3.440% 9/7/06 (2)  15,275  15,275 
1 Philadelphia PA School Dist. TOB VRDO 3.440% 9/7/06 (2)  14,070  14,070 
1 Philadelphia PA School Dist. TOB VRDO 3.440% 9/7/06 (2)  5,280  5,280 
1 Philadelphia PA School Dist. TOB VRDO 3.450% 9/7/06 (4)  8,795  8,795 
1 Philadelphia PA School Dist. TOB VRDO 3.450% 9/7/06 (3)  4,995  4,995 
  Philadelphia PA School Dist. TRAN 4.500% 6/29/07 LOC  150,000  150,860 
  Philadelphia PA TRAN 4.500% 6/29/07  22,500  22,631 
1 Philadelphia PA Water & Waste Water Rev.
  TOB VRDO 3.440% 9/7/06 (4)  4,810  4,810 
1 Philadelphia PA Water & Waste Water Rev. 3.440% 9/7/06 (4)  7,260  7,260 
  TOB VRDO 3.440% 9/7/06 (4)  7,260  7,260 
1 Philadelphia PA Water & Waste Water Rev. 3.450% 9/7/06 (4)  5,275  5,275 
  TOB VRDO 3.450% 9/7/06 (4)  5,275  5,275 
1 Philadelphia PA Water & Waste Water Rev. 3.460% 9/7/06 (4)  9,900  9,900 
  TOB VRDO 3.460% 9/7/06 (4)  9,900  9,900 
1 Philadelphia PA Water & Waste Water Rev. 3.460% 9/7/06 (4)  17,605  17,605 
  TOB VRDO 3.460% 9/7/06 (4)  17,605  17,605 
  Philadelphia PA Water & Waste Water Rev. VRDO 3.390% 9/7/06 (2)  11,090  11,090 
  Philadelphia PA Water & Waste Water Rev. VRDO 3.390% 9/7/06 (4)  38,490  38,490 
  Pine-Richland School Dist. Pennsylvania GO 5.500% 9/1/06 (4)(Prere.)  3,430  3,430 
1 Pittsburgh PA Urban Redev. Auth. Single Family
  Mortgage Rev. TOB VRDO 3.460% 9/7/06  8,480  8,480 
  Red Lion PA School Dist. VRDO 3.410% 9/7/06 (4)  15,000  15,000 
  Sayre PA Health Care Fac. Auth. Rev. (VHA of
  Pennsylvania, Pooled Capital Asset Financial Program)
  VRDO 3.400% 9/7/06 (2)  3,955  3,955 
  Sayre PA Health Care Fac. Auth. Rev. (VHA of
  Pennsylvania, Pooled Capital Asset Financial Program)
  VRDO 3.400% 9/7/06 (2)  2,150  2,150 
  Sayre PA Health Care Fac. Auth. Rev. (VHA of
  Pennsylvania, Pooled Capital Asset Financial Program)
  VRDO 3.440% 9/7/06 (2)  2,800  2,800 
  Sayre PA Health Care Fac. Auth. Rev. (VHA of
  Pennsylvania, Pooled Capital Asset Financial Program)
  VRDO 3.440% 9/7/06 (2)  3,000  3,000 
1 Seneca Valley PA School Dist. GO TOB VRDO 3.460% 9/7/06 (1)  23,320  23,320 
1 Souderton PA School Dist. GO TOB VRDO 3.440% 9/7/06 (3)  9,970  9,970 
  Southcentral Pennsylvania General Auth. Rev.
  (Wellspan Health) VRDO 3.390% 9/7/06 (2)  8,300  8,300 
  Southcentral Pennsylvania General Auth. Rev.
  (Wellspan Health) VRDO 3.390% 9/7/06 (2)  16,675  16,675 
  St. Mary's Hosp. Auth. Bucks County PA Rev.
  (Catholic Health Initiatives) VRDO 3.410% 9/7/06  38,400  38,400 
  St. Mary's Hosp. Auth. Bucks County PA Rev. 3.460% 9/7/06  10,900  10,900 
  (Catholic Health Initiatives) VRDO 3.460% 9/7/06  10,900  10,900 
1 State Public School Building Auth. Pennsylvania
  School Rev. (Philadelphia School Dist.) TOB VRDO 3.450% 9/7/06 (4)  5,895  5,895 
1 State Public School Building Auth. Pennsylvania 3.450% 9/7/06 (4)  4,568  4,568 
  School Rev. (Philadelphia School Dist.) TOB VRDO 3.450% 9/7/06 (4)  4,568  4,568 
1 Tredyffrin-Easttown PA School Dist. GO TOB VRDO 3.440% 9/7/06  8,205  8,205 
  Union County PA Higher Educ. Auth. Rev.
  (Bucknell Univ.) VRDO 3.400% 9/7/06  6,655  6,655 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.380% 9/7/06  30,000  30,000 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  400  400 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  3,800  3,800 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  8,000  8,000 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  12,900  12,900 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  13,600  13,600 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  4,700  4,700 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  5,000  5,000 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.410% 9/7/06  10,000  10,000 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.420% 9/7/06  24,230  24,230 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 3.420% 9/7/06  24,650  24,650 
  Univ. of Pittsburgh of the Commonwealth System
  of Higher Educ. Pennsylvania (Univ. Capital Project)
  VRDO 4.500% 8/24/07  18,000  18,136 
  Westmoreland County PA IDA Rev.
  (Excela Project) VRDO 3.400% 9/7/06 LOC  3,255  3,255 
1 Westmoreland County PA Muni. Auth. Service Water
  Rev. TOB VRDO 3.450% 9/7/06 (4)  3,090  3,090 
  York County PA Hosp. Auth. Rev. (York Hosp.) 5.250% 7/1/07 (2)(Prere.)  3,500  3,579 
  York County PA Hosp. Auth. Rev. (York Hosp.) 5.250% 7/1/07 (2)(Prere.)  8,675  8,871 
  York County PA IDA (PECO) CP 3.600% 12/1/06 LOC  16,440  16,440 
   Outside Pennsylvania:
1 Puerto Rico Electric Power Auth. Rev. TOB VRDO 3.420% 9/7/06 (1)  9,970  9,970 
1 Puerto Rico Highway & Transp. Auth. Rev.
  TOB VRDO 3.400% 9/7/06 (1)  7,740  7,740 
1 Puerto Rico Highway & Transp. Auth. Rev.
  TOB VRDO 3.410% 9/7/06 (1)  2,830  2,830 
  Puerto Rico Highway & Transp. Auth. Rev. VRDO 3.300% 9/7/06 (2)  1,000  1,000 
1 Puerto Rico Ind. Medical & Environmental Fac.
  Finance Auth. Rev. PCR (Abbott Laboratories) PUT 3.550% 3/1/07  6,000  6,000 
1 Puerto Rico Infrastructure Financing Auth. 3.400% 9/7/06  20,700  20,700 
  Special Obligation Bonds TOB VRDO 3.400% 9/7/06  20,700  20,700 
1 Puerto Rico Public Buildings Auth. Govt. Fac. Rev.
  TOB VRDO 3.410% 9/7/06 (10)  11,295  11,295 
1 Puerto Rico Public Finance Corp. TOB VRDO 3.400% 9/7/06 (2)  7,015  7,015 
1 Puerto Rico Public Finance Corp. TOB VRDO 3.460% 9/7/06 LOC  11,995  11,995 
  Total Municipal Bonds (Cost $3,273,912)          3,273,912  
  Other Assets and Liabilities - Net (0.7%)          21,587  
  Net Assets (100%)          3,295,499  


1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2006, the aggregate value of these securities was $630,288,000, representing 19.1% of net assets.

KEY TO ABBREVIATIONS
ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.
GAN - Grant Anticipation Note.
GO - General Obligation Bond.
IDA - Industrial Development Authority Bond.
IDR - Industrial Development Revenue Bond.
PCR - Pollution Control Revenue Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
UFSD - Union Free School District.
USD - United School District.
VRDO - Variable Rate Demand Obligation.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty)
The insurance does not guarantee the market value of the municipal bonds.

LOC - Scheduled principal and interest payments are guaranteed by bank letter of credit.


Investment Securities: Securities are valued at amortized cost, which approximates market value.



Vanguard Pennsylvania Long-Term Tax-Exempt Fund
Schedule of Investments
August 31, 2006
Coupon Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
Municipal Bonds (98.9%)        
Abington PA School Dist. GO 5.000% 4/1/32 (4)  6,495  6,814 
Adams County PA GO 5.300% 5/15/11 (3)(Prere.)  10,240  10,973 
Allegheny County PA Airport Rev. (Pittsburgh International Airport) 6.000% 1/1/14 (3)  4,295  4,594 
Allegheny County PA GO 0.000% 4/1/10 (1)  2,000  1,748 
Allegheny County PA GO 5.250% 5/1/11 (3)(Prere.)  3,000  3,207 
Allegheny County PA GO 5.500% 5/1/11 (3)(Prere.)  445  480 
Allegheny County PA GO 5.750% 5/1/11 (3)(Prere.)  730  796 
Allegheny County PA GO 5.750% 11/1/11 (3)  995  1,084 
Allegheny County PA GO 5.375% 11/1/12 (1)(Prere.)  3,725  4,074 
Allegheny County PA GO 5.375% 11/1/12 (1)(Prere.)  2,880  3,150 
Allegheny County PA GO 5.375% 11/1/12 (1)(Prere.)  2,000  2,187 
Allegheny County PA GO 5.375% 11/1/12 (1)(Prere.)  2,645  2,893 
Allegheny County PA GO 5.500% 11/1/14 (3)  605  650 
Allegheny County PA GO 5.375% 11/1/16 (1)  4,100  4,452 
Allegheny County PA GO 5.375% 11/1/17 (1)  3,600  3,899 
Allegheny County PA GO 6.000% 7/1/23 (1)  5,745  6,921 
Allegheny County PA Higher Educ. Building Auth. (Carnegie Mellon Univ.) 5.125% 3/1/32  3,000  3,122 
Allegheny County PA Hosp. Dev. Auth. Rev. (Catholic Health East) 5.250% 11/15/13 (2)  1,000  1,049 
Allegheny County PA Hosp. Dev. Auth. Rev. (Magee Women's Hosp.) 6.000% 10/1/10 (3)  4,235  4,527 
Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh) 5.600% 4/1/17 (1)  2,000  2,059 
Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh) 6.000% 7/1/26 (1)  4,625  5,667 
Allegheny County PA Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh) 6.000% 7/1/27 (1)  9,325  11,448 
Allegheny County PA Port Auth. Rev 5.375% 3/1/12 (3)  4,965  5,355 
Allegheny County PA Port Auth. Rev 5.500% 3/1/14 (3)  2,355  2,546 
Allegheny County PA Port Auth. Rev 5.500% 3/1/16 (3)  1,500  1,623 
Allegheny County PA Port Auth. Rev 5.500% 3/1/17 (3)  2,750  2,967 
Allegheny County PA Sanitation Auth. Sewer Rev 5.500% 12/1/10 (1)(Prere.)  11,880  12,821 
Allegheny County PA Sanitation Auth. Sewer Rev 6.000% 12/1/10 (1)  1,500  1,638 
Allegheny County PA Sanitation Auth. Sewer Rev 6.000% 12/1/11 (1)  1,490  1,639 
Allegheny County PA Sanitation Auth. Sewer Rev 5.750% 12/1/12 (1)  1,180  1,286 
Allegheny County PA Sanitation Auth. Sewer Rev 5.375% 12/1/16 (1)  3,545  3,843 
Allegheny County PA Sanitation Auth. Sewer Rev 5.500% 12/1/16 (3)(ETM)  11,295  11,773 
Allegheny County PA Sanitation Auth. Sewer Rev 5.375% 12/1/18 (1)  15,000  16,224 
Allegheny County PA Sanitation Auth. Sewer Rev 5.500% 12/1/30 (1)  2,150  2,298 
Annville Cleona PA School Dist 6.000% 3/1/28 (4)  1,500  1,725 
Annville Cleona PA School Dist 6.000% 3/1/31 (4)  2,475  2,833 
Berks County PA GO 0.000% 11/15/13 (3)  7,250  5,448 
Berks County PA GO 0.000% 11/15/14 (3)  8,615  6,186 
Berks County PA GO 0.000% 11/15/15 (3)  6,250  4,291 
Berks County PA Hosp. Rev. (Reading Hosp.) 5.700% 10/1/14 (1)  4,500  5,056 
Bethlehem PA Area School Dist 5.375% 3/15/12 (3)(Prere.)  7,500  8,143 
Blair County PA Hosp. Auth. Rev. (Altoona Hosp.) 5.500% 7/1/16 (2)  4,480  4,928 
Bristol Borough PA School Dist. GO 5.250% 3/1/25 (4)  3,635  3,950 
Bucks County PA IDA (Pennswood Village Project) 6.000% 10/1/34  2,600  2,769 
Bucks County PA IDA Solid Waste Rev. (Waste Management Project) PUT 4.900% 2/1/08  6,400  6,449 
Carlisle PA Area School Dist. GO 5.375% 3/1/12 (1)(Prere.)  1,550  1,682 
Carlisle PA Area School Dist. GO 5.375% 3/1/12 (1)(Prere.)  1,635  1,774 
Carlisle PA Area School Dist. GO 5.375% 3/1/12 (1)(Prere.)  1,725  1,872 
Carlisle PA Area School Dist. GO 5.375% 3/1/12 (1)(Prere.)  1,820  1,975 
Catholic Health East Pennsylvania Health Systems Rev 5.500% 11/15/24  1,400  1,503 
Catholic Health East Pennsylvania Health Systems Rev 5.375% 11/15/34  3,000  3,158 
Central Bucks PA School Dist 5.500% 5/15/15 (3)  5,540  6,035 
Central Bucks PA School Dist 5.500% 5/15/17 (3)  3,785  4,108 
Central Bucks PA School Dist 5.500% 5/15/18 (3)  2,400  2,605 
Central Bucks PA School Dist 5.500% 5/15/19 (3)  1,500  1,628 
Chester County PA GO 5.000% 11/15/23  13,355  14,166 
Chester County PA Health & Educ. Fac. Auth. Rev. (Devereux Foundation) 5.000% 11/1/31  2,250  2,317 
Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) 5.125% 5/15/18 (2)  12,445  12,795 
Chester County PA Health & Educ. Fac. Auth. Rev. (Jefferson Health System) 5.250% 5/15/22 (2)  36,580  37,599 
Chester County PA School Auth. Rev 5.000% 4/1/23 (2)  2,670  2,824 
Chester County PA School Auth. Rev 5.000% 4/1/24 (2)  1,000  1,056 
Chester County PA School Auth. Rev 5.000% 4/1/26 (2)  1,575  1,660 
Coatesville PA School Dist. GO 5.250% 8/15/14 (4)(Prere.)  6,645  7,313 
Commonwealth Financing Auth. Pennsylvania Rev 5.250% 6/1/23 (1)  13,535  14,731 
Cumberland County PA Muni. Auth. College Rev. (Dickinson College) 5.500% 11/1/10 (2)(Prere.)  3,230  3,464 
Dauphin County PA General Auth. Hosp. Rev. (West Pennsylvania Hosp.) 5.500% 7/1/13 (1)(ETM)  5,000  5,331 
Delaware County PA Auth. Rev. (Catholic Health East) 5.250% 11/15/12 (2)  3,300  3,461 
Delaware County PA Auth. Rev. (Catholic Health East) 5.250% 11/15/13 (2)  4,665  4,892 
Delaware County PA Auth. Univ. Rev. (Villanova Univ.) 5.000% 8/1/24 (1)  4,000  4,236 
Delaware County PA Hosp. Auth. Rev. (Crozer-Chester Medical Center) 5.300% 12/1/27  8,905  9,001 
Delaware County PA Hosp. Auth. Rev. (Delaware County Memorial Hosp.) 5.500% 8/15/13 (1)  12,000  12,135 
Delaware County PA IDA Rev. (Suburban Water Co. Project) 5.150% 9/1/32 (2)  5,500  5,720 
Delaware County PA Regional Water Quality Control Auth. Rev 5.500% 5/1/14 (3)  2,405  2,601 
Delaware County PA Regional Water Quality Control Auth. Rev 5.500% 5/1/16 (3)  2,685  2,907 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.250% 7/1/19 (1)  1,645  1,800 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.500% 7/1/19 (1)  4,835  5,597 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.250% 7/1/20 (1)  1,735  1,895 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.500% 7/1/20 (1)  5,105  5,954 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.250% 7/1/21 (1)  1,825  1,990 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.250% 7/1/22 (1)  1,920  2,094 
Delaware River Joint Toll Bridge Comm. Pennsylvania & New Jersey Rev 5.250% 7/1/23 (1)  2,020  2,203 
Delaware River Port Auth. Pennsylvania & New Jersey Rev 5.700% 1/1/23 (4)  8,345  8,848 
Erie County PA GO 5.000% 9/1/25 (3)  5,525  5,858 
Erie County PA Hosp. Auth. Rev. (Hamot Health Foundation) 5.000% 11/1/35 (11)  7,000  7,339 
Erie PA School Dist. GO 0.000% 9/1/10 (4)  5,665  4,869 
Erie PA School Dist. GO 5.800% 9/1/10 (2)(Prere.)  4,500  4,864 
Erie PA School Dist. GO 0.000% 9/1/11 (4)  5,780  4,774 
Erie PA School Dist. GO 0.000% 5/1/16 (1)(ETM)  3,175  2,144 
Erie PA School Dist. GO 0.000% 9/1/18 (4)  830  496 
Hazleton PA Area School Dist. GO 5.500% 3/1/11 (3)  3,740  3,994 
Hazleton PA Area School Dist. GO 5.750% 3/1/12 (3)  1,420  1,549 
Hazleton PA Area School Dist. GO 6.000% 3/1/16 (3)  18,245  19,771 
Hazleton PA Area School Dist. GO 0.000% 3/1/17 (3)  4,425  2,842 
Hazleton PA Area School Dist. GO 0.000% 3/1/22 (3)  5,265  2,625 
Lake Lehman PA School Dist. GO 0.000% 4/1/14 (1)  1,290  951 
Lake Lehman PA School Dist. GO 0.000% 4/1/15 (1)  1,295  913 
Lake Lehman PA School Dist. GO 0.000% 4/1/16 (1)  1,310  882 
Lake Lehman PA School Dist. GO 0.000% 4/1/17 (1)  1,315  842 
Lake Lehman PA School Dist. GO 0.000% 4/1/18 (1)  1,000  608 
Lancaster County PA GO 5.500% 11/1/16 (3)  1,025  1,115 
Lancaster County PA GO 5.500% 11/1/17 (3)  1,060  1,150 
Lancaster County PA GO 5.500% 11/1/18 (3)  1,120  1,215 
Lancaster County PA GO 5.500% 11/1/19 (3)  1,175  1,275 
Lancaster County PA GO VRDO 3.420% 9/7/06 (4)  11,585  11,585 
Lancaster County PA Hosp. Auth. Rev. (Willow Valley Retirement Project) 5.875% 6/1/21  1,000  1,061 
Lancaster County PA Hosp. Auth. Rev. (Willow Valley Retirement Project) 5.875% 6/1/31  6,000  6,333 
Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College) 5.000% 4/15/22  1,135  1,199 
Lancaster PA Higher Educ. Auth. Rev. (Franklin & Marshall College) 5.000% 4/15/27  2,775  2,907 
Latrobe PA IDA (Saint Vincent College) 5.600% 5/1/21  1,635  1,712 
Latrobe PA IDA (Saint Vincent College) 5.700% 5/1/31  2,165  2,267 
Lebanon County Health Fac. Auth. Rev. (Good Samaritan) 6.000% 11/15/35  10,500  11,294 
Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) 5.375% 7/1/14 (4)  900  966 
Lehigh County PA General Purpose Hosp. Auth. Rev. (Lehigh Valley Health Network) 7.000% 7/1/16 (1)  4,415  5,233 
Luzerne County PA GO 0.000% 11/15/16 (1)  2,360  1,444 
Luzerne County PA GO 0.000% 11/15/17 (1)  2,390  1,362 
Luzerne County PA GO 5.250% 12/15/21 (3)  5,320  6,003 
McKeesport PA Area School Dist. GO 0.000% 10/1/06 (1)  2,015  2,009 
McKeesport PA Area School Dist. GO 0.000% 10/1/07 (1)  2,080  2,000 
McKeesport PA Area School Dist. GO 0.000% 10/1/08 (1)  2,270  2,100 
McKeesport PA Area School Dist. GO 0.000% 10/1/09 (1)  2,020  1,799 
McKeesport PA Area School Dist. GO 0.000% 10/1/10 (1)  1,840  1,575 
McKeesport PA Area School Dist. GO 0.000% 10/1/11 (1)  1,835  1,510 
McKeesport PA Area School Dist. GO 0.000% 10/1/14 (1)  2,040  1,469 
McKeesport PA Area School Dist. GO 0.000% 10/1/15 (1)  2,040  1,404 
McKeesport PA Area School Dist. GO 0.000% 10/1/16 (1)  4,655  3,057 
McKeesport PA Area School Dist. GO 0.000% 10/1/18 (2)(ETM)  425  256 
McKeesport PA Area School Dist. GO 0.000% 10/1/18 (2)  2,650  1,574 
McKeesport PA Area School Dist. GO 0.000% 10/1/24 (2)(ETM)  2,480  1,111 
McKeesport PA Area School Dist. GO 0.000% 10/1/24 (2)  520  228 
McKeesport PA Area School Dist. GO 0.000% 10/1/28 (2)  2,340  842 
Montgomery County PA GO 5.375% 10/15/06 (Prere.)  7,930  7,947 
Montgomery County PA GO 5.000% 7/15/19  8,800  9,098 
Montgomery County PA GO 5.250% 10/15/24  2,660  3,041 
Montgomery County PA GO 5.250% 10/15/25  2,000  2,294 
Montgomery County PA GO 5.000% 10/15/28  13,235  14,123 
Montgomery County PA GO 5.000% 10/15/31  6,450  6,855 
Montgomery County PA Higher Educ. & Health Auth. Rev. (Catholic Health East) 5.375% 11/15/34  2,175  2,295 
Montgomery County PA Higher Educ. & Health Auth. Rev. (Holy Redeemer Health System) 5.250% 1/1/36  17,500  17,692 
Montgomery County PA IDA Rev. (Hill School) 5.000% 8/15/25 (1)  4,000  4,240 
Neshaminy PA School Dist. GO 5.700% 2/15/14 (3)  8,795  8,957 
North Hills PA School Dist. GO 5.250% 11/15/07 (3)(Prere.)  7,440  7,589 
North Hills PA School Dist. GO 5.250% 12/15/29 (4)  5,030  5,436 
North Pocono PA School Dist. GO 5.000% 3/15/26 (3)  4,035  4,273 
Northeastern PA Hosp. & Educ. Health Rev. (Wyoming Valley Health) 5.250% 1/1/16 (2)  5,910  6,053 
Northeastern PA Hosp. & Educ. Health Rev. (Wyoming Valley Health) 5.250% 1/1/26 (2)  2,850  2,918 
Norwin PA School Dist. GO 5.000% 4/1/35 (4)  7,000  7,348 
Owen J. Roberts School Dist. Pennsylvania GO 5.375% 5/15/07 (1)(Prere.)  1,635  1,656 
Owen J. Roberts School Dist. Pennsylvania GO 5.500% 8/15/17 (4)  1,495  1,628 
Owen J. Roberts School Dist. Pennsylvania GO 5.000% 5/15/31 (4)  8,000  8,427 
Owen J. Roberts School Dist. Pennsylvania GO 5.000% 5/15/35 (4)  5,000  5,251 
Parkland PA School Dist. GO 5.375% 9/1/15 (3)  3,050  3,412 
Parkland PA School Dist. GO 5.375% 9/1/16 (3)  2,000  2,241 
Pennsbury PA School Dist. GO 5.250% 8/1/24 (4)  9,135  9,897 
Pennsylvania Convention Center Auth. Rev 6.700% 9/1/16 (3)(ETM)  25,150  29,472 
Pennsylvania Convention Center Auth. Rev 6.000% 9/1/19 (3)(ETM)  14,275  16,951 
Pennsylvania GO 5.000% 10/1/07 (3)  4,875  4,950 
Pennsylvania GO 5.750% 10/1/09 (3)(Prere.)  19,850  21,268 
Pennsylvania GO 5.250% 10/15/10 (Prere.)  11,300  12,100 
Pennsylvania GO 5.250% 10/15/10 (Prere.)  8,850  9,477 
Pennsylvania GO 6.000% 1/15/11  3,000  3,249 
Pennsylvania GO 5.250% 10/15/11  11,200  11,973 
Pennsylvania GO 5.375% 7/1/21  26,785  30,680 
Pennsylvania GO 5.000% 1/1/26  40,450  42,925 
Pennsylvania Higher Educ. Assistance Agency Rev 6.125% 12/15/10 (1)(Prere.)  2,000  2,197 
Pennsylvania Higher Educ. Assistance Agency Student Loan Rev. VRDO 3.480% 9/7/06 (2)  4,100  4,100 
Pennsylvania Higher Educ. Fac. Auth. Health Services Rev. (Allegheny/Delaware Valley Obligated Group) 5.875% 11/15/16 (1)  19,900  20,386 
Pennsylvania Higher Educ. Fac. Auth. Health Services Rev. (Allegheny/Delaware Valley Obligated Group) 5.875% 11/15/21 (1)  3,040  3,114 
Pennsylvania Higher Educ. Fac. Auth. Health Services Rev. (Allegheny/Delaware Valley Obligated Group) 5.875% 11/15/21 (1)  6,505  6,664 
Pennsylvania Higher Educ. Fac. Auth. Rev 5.500% 6/15/17 (2)  935  992 
Pennsylvania Higher Educ. Fac. Auth. Rev 5.625% 6/15/19 (2)  1,160  1,236 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Bryn Mawr College) 5.250% 12/1/12 (2)  11,120  12,094 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Bryn Mawr College) 5.625% 12/1/14 (1)  2,200  2,273 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Foundation for Indiana Univ. of Pennsylvania Student Housing) 5.125% 7/1/39 (10)  17,130  18,158 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Philadelphia Univ.) 5.125% 6/1/25  3,500  3,568 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Philadelphia Univ.) 5.250% 6/1/32  6,350  6,483 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Rosemont College) PUT 3.200% 11/1/06 LOC  5,800  5,800 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Slippery Rock Univ. Foundation) 5.000% 7/1/37 (10)  2,500  2,603 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) 5.250% 4/1/08 (1)(Prere.)  2,320  2,402 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) 5.250% 4/1/11 (1)  1,225  1,266 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Temple Univ.) 5.000% 4/1/33 (1)  24,225  25,467 
Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems) 6.250% 1/15/16  3,120  3,438 
Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems) 6.000% 1/15/22  5,000  5,446 
Pennsylvania Higher Educ. Fac. Auth. Rev. (UPMC Health Systems) 6.000% 1/15/31  5,000  5,446 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Univ. of Pennsylvania) 5.000% 7/15/38  15,625  16,330 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Univ. of Scranton) 5.000% 11/1/28 (10)  4,080  4,304 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/20  2,360  2,440 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/26  1,200  1,235 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/31  1,605  1,638 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.400% 7/15/36  3,000  3,140 
Pennsylvania Higher Educ. Fac. Auth. Rev. (Widener) 5.000% 7/15/39  3,000  3,046 
Pennsylvania Higher Educ. Fac. Auth. Rev. PUT 5.000% 5/1/11 LOC  9,215  9,554 
Pennsylvania Housing Finance Agency Rev 5.250% 4/1/21  5,000  5,123 
Pennsylvania Housing Finance Agency Rev 5.400% 10/1/24  2,165  2,167 
Pennsylvania Housing Finance Agency Rev 5.350% 10/1/31  13,000  13,283 
Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/16 (2)  14,865  16,323 
Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/17 (2)  7,000  7,665 
Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/18 (2)  7,630  8,355 
Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/19 (2)  6,340  6,943 
Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/20 (2)  4,495  4,922 
Pennsylvania IDA Rev. (Econ. Dev.) 5.500% 7/1/21 (2)  8,130  8,903 
Pennsylvania Intergovernmental Cooperation Auth. Rev 5.250% 6/15/17 (3)  7,830  8,137 
Pennsylvania State Univ. Rev 5.000% 9/1/24  10,625  11,212 
Pennsylvania State Univ. Rev 5.000% 9/1/24  3,000  3,183 
Pennsylvania State Univ. Rev 5.000% 9/1/29  7,625  7,994 
Pennsylvania State Univ. Rev 5.000% 9/1/34  16,700  17,450 
Pennsylvania State Univ. Rev 5.000% 9/1/35  13,000  13,614 
Pennsylvania State Univ. Rev. VRDO 3.400% 9/7/06  10,200  10,200 
Pennsylvania Turnpike Comm. Oil Franchise Tax Rev 5.000% 12/1/31 (1)  6,000  6,270 
Pennsylvania Turnpike Comm. Rev 5.375% 7/15/11 (2)(Prere.)  7,550  8,197 
Pennsylvania Turnpike Comm. Rev 5.375% 7/15/11 (2)(Prere.)  1,505  1,634 
Pennsylvania Turnpike Comm. Rev 5.375% 7/15/11 (2)(Prere.)  2,500  2,714 
Pennsylvania Turnpike Comm. Rev 5.375% 7/15/11 (2)(Prere.)  6,370  6,915 
Pennsylvania Turnpike Comm. Rev 5.375% 7/15/11 (2)(Prere.)  1,000  1,086 
Pennsylvania Turnpike Comm. Rev 5.500% 7/15/11 (2)(Prere.)  12,010  13,105 
Pennsylvania Turnpike Comm. Rev 5.625% 6/1/12 (3)  9,000  9,834 
Pennsylvania Turnpike Comm. Rev 5.250% 7/15/27 (4)  4,000  4,598 
Pennsylvania Turnpike Comm. Rev 5.250% 7/15/28 (4)  9,375  10,759 
Pennsylvania Turnpike Comm. Rev 5.250% 7/15/30 (4)  10,925  12,571 
Pennsylvania Turnpike Comm. Rev 5.500% 12/1/31 (2)  17,610  19,333 
Pennsylvania Turnpike Comm. Rev 5.250% 12/1/32 (2)  15,000  16,098 
Philadelphia PA Airport Parking Auth 5.400% 9/1/11 (2)  4,520  4,629 
Philadelphia PA Airport Parking Auth 5.400% 9/1/12 (2)  5,990  6,134 
Philadelphia PA Airport Parking Auth 5.400% 9/1/15 (2)  6,350  6,505 
Philadelphia PA Airport Parking Auth 5.500% 9/1/18 (2)  4,250  4,360 
Philadelphia PA Airport Parking Auth 5.125% 2/15/24 (2)  1,045  1,081 
Philadelphia PA Airport Parking Auth 5.250% 9/1/29 (4)  3,530  3,686 
Philadelphia PA GO 6.000% 11/15/10 (3)  1,065  1,070 
Philadelphia PA GO 6.000% 11/15/11 (3)  1,145  1,150 
Philadelphia PA GO 6.000% 11/15/12 (3)  1,270  1,276 
Philadelphia PA GO 6.000% 11/15/13 (3)  715  718 
Philadelphia PA GO 5.250% 3/15/14 (4)  1,750  1,828 
Philadelphia PA GO 5.250% 9/15/14 (4)  7,460  7,912 
Philadelphia PA GO 5.250% 3/15/15 (4)  2,600  2,716 
Philadelphia PA GO 5.250% 9/15/15 (4)  4,775  5,064 
Philadelphia PA GO 5.250% 9/15/17 (4)  9,155  9,678 
Philadelphia PA GO 5.250% 9/15/18 (4)  2,135  2,257 
Philadelphia PA GO 5.000% 8/1/27 (11)  12,160  12,771 
Philadelphia PA GO 5.000% 8/1/29 (11)  13,380  14,096 
Philadelphia PA Gas Works Rev 5.250% 7/1/11 (4)  3,965  4,068 
Philadelphia PA Gas Works Rev 5.375% 7/1/12 (4)  4,000  4,111 
Philadelphia PA Gas Works Rev 5.375% 7/1/14 (4)  4,310  4,429 
Philadelphia PA Gas Works Rev 5.375% 7/1/16 (4)  13,280  14,689 
Philadelphia PA Gas Works Rev 5.375% 7/1/18 (4)  11,555  12,902 
Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO 3.600% 9/1/06 (1)  4,205  4,205 
Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Children's Hosp. of Philadelphia) VRDO 3.600% 9/1/06 (1)  5,500  5,500 
Philadelphia PA Hosp. & Higher Educ. Fac. Auth. Rev. (Jefferson Health System) 5.125% 5/15/18 (2)  5,700  5,860 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.750% 6/15/10 (3)  4,440  4,590 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.375% 6/15/12 (3)  1,000  1,041 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 7/1/12 (3)  5,505  5,940 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 6/15/13 (3)  1,030  1,104 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.375% 7/1/13 (3)  10,000  10,326 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 7/1/13 (3)  5,825  6,269 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 6/15/14 (3)  1,090  1,166 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 7/1/14 (3)  6,155  6,571 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.250% 6/15/15 (3)  5,695  5,866 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 6/15/15 (3)  1,150  1,236 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 7/1/15 (3)  6,435  6,917 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 6/15/16 (3)  1,210  1,297 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 7/1/16 (3)  5,000  5,363 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 6/15/17 (3)  1,280  1,369 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 6/15/18 (3)  1,350  1,444 
Philadelphia PA IDA Rev. (Philadelphia Airport System) 5.500% 7/1/18 (3)  4,000  4,281 
Philadelphia PA Redev. Auth. Rev 5.500% 4/15/15 (3)  3,000  3,251 
Philadelphia PA Redev. Auth. Rev 5.500% 4/15/17 (3)  2,255  2,438 
Philadelphia PA Redev. Auth. Rev 5.500% 4/15/19 (3)  2,815  3,043 
Philadelphia PA Redev. Auth. Rev 5.500% 4/15/20 (3)  2,000  2,162 
Philadelphia PA Redev. Auth. Rev 5.500% 4/15/22 (3)  5,275  5,675 
Philadelphia PA School Dist. GO 5.375% 4/1/07 (2)(Prere.)  1,490  1,506 
Philadelphia PA School Dist. GO 5.250% 4/1/09 (1)(Prere.)  3,000  3,122 
Philadelphia PA School Dist. GO 5.750% 2/1/11 (4)(Prere.)  7,420  8,059 
Philadelphia PA School Dist. GO 5.750% 2/1/11 (4)(Prere.)  6,415  6,967 
Philadelphia PA School Dist. GO 5.250% 2/1/12 (4)  1,000  1,075 
Philadelphia PA School Dist. GO 5.500% 2/1/12 (4)(Prere.)  1,800  1,962 
Philadelphia PA School Dist. GO 5.500% 2/1/12 (4)(Prere.)  2,500  2,725 
Philadelphia PA School Dist. GO 5.500% 2/1/12 (4)(Prere.)  2,000  2,180 
Philadelphia PA School Dist. GO 5.500% 2/1/12 (4)(Prere.)  2,000  2,180 
Philadelphia PA School Dist. GO 5.500% 2/1/12 (4)(Prere.)  1,000  1,090 
Philadelphia PA School Dist. GO 5.500% 2/1/12 (4)(Prere.)  6,200  6,759 
Philadelphia PA School Dist. GO 5.625% 8/1/12 (3)(Prere.)  1,000  1,104 
Philadelphia PA School Dist. GO 5.625% 8/1/12 (3)(Prere.)  6,500  7,176 
Philadelphia PA School Dist. GO 5.625% 8/1/12 (3)(Prere.)  6,000  6,624 
Philadelphia PA School Dist. GO 5.625% 8/1/12 (3)(Prere.)  1,000  1,104 
Philadelphia PA Water & Waste Water Rev 7.000% 6/15/10 (3)  33,865  37,805 
Philadelphia PA Water & Waste Water Rev 7.000% 6/15/11 (3)  35,685  40,775 
Philadelphia PA Water & Waste Water Rev 6.250% 8/1/11 (1)  3,750  4,181 
Philadelphia PA Water & Waste Water Rev 5.250% 12/15/14 (2)  7,100  7,794 
Philadelphia PA Water & Waste Water Rev 5.250% 11/1/16 (3)  5,040  5,433 
Philadelphia PA Water & Waste Water Rev 5.250% 11/1/17 (3)  5,460  5,876 
Philadelphia PA Water & Waste Water Rev 5.600% 8/1/18 (1)(ETM)  925  1,006 
Philadelphia PA Water & Waste Water Rev 5.375% 11/1/19 (3)  4,155  4,500 
Philadelphia PA Water & Waste Water Rev. VRDO 3.390% 9/7/06 (4)  1,800  1,800 
Pittsburgh PA GO 5.500% 3/1/12 (2)(Prere.)  5,330  5,817 
Pittsburgh PA GO 5.500% 3/1/12 (2)(Prere.)  2,015  2,199 
Pittsburgh PA GO 5.500% 9/1/13 (2)  5,635  6,097 
Pittsburgh PA GO 5.125% 9/1/14 (3)  8,435  8,616 
Pittsburgh PA GO 5.500% 9/1/14 (2)  12,000  12,877 
Pittsburgh PA GO 5.125% 9/1/15 (3)  6,395  6,516 
Pittsburgh PA GO 5.500% 9/1/15 (2)  2,125  2,299 
Pittsburgh PA GO 5.250% 9/1/17 (3)  4,980  5,088 
Pittsburgh PA School Dist. GO 5.250% 3/1/08 (3)(Prere.)  7,000  7,172 
Pittsburgh PA School Dist. GO 5.250% 3/1/08 (3)(Prere.)  5,200  5,328 
Pittsburgh PA School Dist. GO 5.350% 3/1/08 (3)(Prere.)  3,510  3,601 
Pittsburgh PA School Dist. GO 0.000% 8/1/09 (2)  4,000  3,588 
Pittsburgh PA School Dist. GO 5.375% 9/1/14 (4)  1,755  1,939 
Pittsburgh PA School Dist. GO 5.500% 9/1/16 (4)  4,000  4,508 
Pittsburgh PA School Dist. GO 5.500% 9/1/18 (4)  2,880  3,289 
Pittsburgh PA Water & Sewer Auth. Rev 7.250% 9/1/14 (3)(ETM)  21,855  24,808 
Pittsburgh PA Water & Sewer Auth. Rev 0.000% 9/1/27 (3)  12,765  4,872 
Pittsburgh PA Water & Sewer Auth. Rev 0.000% 9/1/28 (3)  8,965  3,247 
Pittsburgh PA Water & Sewer Auth. Rev 0.000% 9/1/29 (3)  31,755  10,933 
Radnor Township PA School Dist 5.000% 2/15/35 (4)  2,500  2,618 
Reading PA School Dist. GO 0.000% 1/15/15 (3)  9,260  6,234 
Reading PA School Dist. GO 0.000% 1/15/16 (3)  9,270  5,888 
Reading PA School Dist. GO 0.000% 1/15/28 (3)  10,000  3,728 
Reading PA School Dist. GO 5.000% 1/15/29 (4)  6,120  6,457 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/13  2,000  2,221 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/14  1,925  2,132 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/15  2,045  2,265 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/16  3,225  3,566 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/17  6,640  7,326 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 6.250% 12/1/18  2,500  2,754 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 5.750% 12/1/21  3,000  3,226 
Sayre PA Health Care Fac. Auth. Rev. (Guthrie Health Care System) 5.875% 12/1/31  12,500  13,473 
Scranton PA School Dist. GO 5.250% 6/15/27 (10)  2,750  2,989 
Scranton PA School Dist. GO 5.250% 6/15/31 (10)  2,375  2,571 
Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Mercy Health System) 5.625% 1/1/16 (1)  5,490  5,630 
Scranton-Lackawanna PA Health & Welfare Auth. Rev. (Mercy Health System) 5.700% 1/1/23 (1)  9,205  9,444 
Snyder County PA Higher Educ. Auth. Univ. Rev. (Susquehanna Univ. Project) 5.000% 1/1/30 (11)  3,000  3,146 
South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.) 5.625% 7/1/10 (6)  1,640  1,708 
South Fork PA Hosp. Auth. Rev. (Conemaugh Valley Hosp.) 5.750% 7/1/18 (6)  7,000  8,010 
Southeastern Pennsylvania Transp. Auth. Rev 5.450% 3/1/11 (3)  3,730  3,836 
Southeastern Pennsylvania Transp. Auth. Rev 5.375% 3/1/17 (3)  2,500  2,569 
St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) 5.375% 6/1/08 (Prere.)  2,525  2,623 
St. Mary's Hosp. Auth. Bucks County PA Rev. (Catholic Health Initiatives) 5.375% 6/1/08 (Prere.)  2,340  2,431 
Uniontown PA Area School Dist. GO 5.500% 10/1/12 (4)(Prere.)  9,950  10,940 
Univ. of Pittsburgh PA Rev 5.500% 6/1/10 (1)  5,285  5,459 
Univ. of Pittsburgh PA Rev 5.500% 6/1/14 (1)  11,780  12,162 
Univ. of Pittsburgh of the Commonwealth System of Higher Educ. Pennsylvania (Univ. Capital Project) 5.250% 6/1/17 (3)  6,995  7,209 
Warwick PA School Dist. GO 5.375% 8/15/11 (3)(Prere.)  2,435  2,626 
Warwick PA School Dist. GO 5.375% 8/15/11 (3)(Prere.)  2,570  2,772 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.250% 7/1/10 (2)  1,750  1,838 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.125% 7/1/11 (2)(ETM)  330  352 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.125% 7/1/11 (2)  1,510  1,594 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.125% 7/1/12 (2)  1,935  2,070 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.250% 7/1/13 (2)  2,035  2,207 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.375% 7/1/14 (2)  1,640  1,803 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.375% 7/1/15 (2)  2,250  2,489 
Washington County PA Hosp. Auth. Rev. (Washington Hosp.) 5.500% 7/1/16 (2)  2,375  2,641 
West Chester PA Area School Dist. GO 5.000% 5/15/28 (1)  7,480  7,903 
West Chester PA Area School Dist. GO 5.000% 5/15/29 (1)  7,855  8,287 
West Cornwall Township PA Muni. Auth. College Rev. (Elizabethtown College) 6.000% 12/15/11 (Prere.)  2,650  2,934 
West Cornwall Township PA Muni. Auth. College Rev. (Elizabethtown College) 6.000% 12/15/11 (Prere.)  2,000  2,214 
West Jefferson Hills PA School Dist. GO 5.200% 8/1/11 (4)(Prere.)  1,020  1,091 
West Jefferson Hills PA School Dist. GO 5.200% 8/1/11 (4)(Prere.)  1,080  1,156 
West Jefferson Hills PA School Dist. GO 5.200% 8/1/17 (4)  935  991 
West Jefferson Hills PA School Dist. GO 5.200% 8/1/18 (4)  980  1,039 
Westmoreland County PA Muni. Auth. Rev 6.125% 7/1/17 (1)(ETM)  8,205  9,410 
Westmoreland County PA Muni. Auth. Rev 5.250% 8/15/27 (4)  3,490  3,772 
Westmoreland County PA Muni. Auth. Service Water Rev 0.000% 8/15/15 (3)  5,000  3,470 
Westmoreland County PA Muni. Auth. Service Water Rev 0.000% 8/15/23 (1)  5,000  2,328 
Westmoreland County PA Muni. Auth. Service Water Rev 0.000% 8/15/24 (3)  4,000  1,774 
Wyoming PA Area School Dist 5.000% 9/1/26 (1)  2,000  2,123 
Wyoming PA Area School Dist 5.000% 9/1/29 (1)  5,125  5,411 
York County PA 5.000% 6/1/33 (1)  6,000  6,299 
York County PA Solid Waste & Refuse Auth. Rev 5.500% 12/1/13 (3)  6,750  7,495 
York County PA Solid Waste & Refuse Auth. Rev 5.500% 12/1/14 (3)  4,050  4,531 
Outside Pennsylvania:
Puerto Rico Electric Power Auth. Rev 5.500% 7/1/20  5,300  5,969 
Puerto Rico Electric Power Auth. Rev 5.250% 7/1/21 (1)  5,000  5,640 
Puerto Rico Electric Power Auth. Rev 5.250% 7/1/23 (1)  15,500  17,550 
Puerto Rico Electric Power Auth. Rev 5.000% 7/1/30 (4)  10,900  11,513 
Puerto Rico GO 5.500% 7/1/18 (1)  10,000  11,423 
Puerto Rico GO 5.500% 7/1/20 (3)  6,000  6,914 
Puerto Rico GO 5.500% 7/1/22 (3)  8,960  10,387 
Puerto Rico GO 5.500% 7/1/29 (1)  10,000  11,718 
Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/19 (1)  17,000  19,502 
Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/20 (1)  14,610  16,836 
Puerto Rico Highway & Transp. Auth. Rev 5.500% 7/1/20 (4)  14,155  16,312 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/23 (2)  10,000  11,623 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/25 (2)  15,000  17,563 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 5.500% 7/1/26 (2)  10,000  11,737 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/29 (2)  12,150  4,300 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/30 (3)  14,905  5,021 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/31 (3)  28,695  9,203 
Puerto Rico Infrastructure Financing Auth. Special Tax Rev 0.000% 7/1/32 (3)  25,000  7,632 
Puerto Rico Public Buildings Auth. Govt. Fac. Rev 5.750% 7/1/22  5,000  5,745 
Puerto Rico Public Finance Corp. 6.000% 8/1/26  10,875  12,846 
Puerto Rico Public Finance Corp. 6.000% 8/1/26 (4)(11)  25,000  31,070 
Virgin Islands Public Finance Auth. Rev 5.000% 10/1/12  2,000  2,085 
Virgin Islands Public Finance Auth. Rev 5.250% 10/1/20  1,750  1,847 
Total Municipal Bonds (Cost $2,213,182)          2,309,327  
Other Assets and Liabilities—Net (1.1%)          25,144  
Net Assets (100%)          2,334,471  


KEY TO ABBREVIATIONS

ARS - Auction Rate Security.
BAN - Bond Anticipation Note.
COP - Certificate of Participation.
CP - Commercial Paper.
FR - Floating Rate.
GAN - Grant Anticipation Note.
GO - General Obligation Bond.
IDA - Industrial Development Authority Bond.
IDR - Industrial Development Revenue Bond.
PCR - Pollution Control Revenue Bond.
PUT - Put Option Obligation.
RAN - Revenue Anticipation Note.
TAN - Tax Anticipation Note.
TOB - Tender Option Bond.
TRAN - Tax Revenue Anticipation Note.
UFSD - Union Free School District.
USD - United School District.
VRDO - Variable Rate Demand Obligation.
(ETM) - Escrowed to Maturity.
(Prere.) - Prerefunded.

Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Insurance Association).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) FSA (Financial Security Assurance).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty)
The insurance does not guarantee the market value of the municipal bonds.

LOC - Scheduled principal and interest payments are guaranteed by bank letter of credit.


Investment Securities: Bonds, and temporary cash investments acquired over 60 days to maturity, are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

At August 31, 2006, the cost of investment securities for tax purposes was $2,214,740,000. Net unrealized appreciation of investment securities for tax purposes was $94,587,000, consisting of unrealized gains of $96,152,000 on securities that had risen in value since their purchase and $1,565,000 in unrealized losses on securities that had fallen in value since their purchase.



Item 2: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

 Exhibits.
(a) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: October 18, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: October 18, 2006

VANGUARD PENNSYLVANIA TAX-FREE FUNDS

BY: (signature)
(HEIDI STAM)
THOMAS J. HIGGINS*
TREASURER

Date: October 18, 2006

* By Power of Attorney. See File Number 002-65955-99, filed on July 27, 2006. Incorporated by Reference.